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REGISTERED NUMBER: 09614042 (England and Wales)










Unaudited Financial Statements

for the Period 1 June 2022 to 30 November 2023

for

Somax Clothing Limited

Somax Clothing Limited (Registered number: 09614042)






Contents of the Financial Statements
for the Period 1 June 2022 to 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Somax Clothing Limited

Company Information
for the Period 1 June 2022 to 30 November 2023







DIRECTOR: L Deambrogio





REGISTERED OFFICE: 38 Sandpits Road
Croydon
Surrey
CR0 5HG





REGISTERED NUMBER: 09614042 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Somax Clothing Limited (Registered number: 09614042)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 20,000 30,000
Tangible assets 5 24,217 1,527
44,217 31,527

CURRENT ASSETS
Stocks 73,048 148,485
Debtors 6 22,286 15,228
Cash at bank and in hand 413 4,692
95,747 168,405
CREDITORS
Amounts falling due within one year 7 (65,459 ) (70,498 )
NET CURRENT ASSETS 30,288 97,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,505

129,434

CREDITORS
Amounts falling due after more than one year 8 (131,703 ) (130,000 )

PROVISIONS FOR LIABILITIES 9 - (112 )
NET LIABILITIES (57,198 ) (678 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 (57,298 ) (778 )
(57,198 ) (678 )

Somax Clothing Limited (Registered number: 09614042)

Balance Sheet - continued
30 November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 February 2024 and were signed by:





L Deambrogio - Director


Somax Clothing Limited (Registered number: 09614042)

Notes to the Financial Statements
for the Period 1 June 2022 to 30 November 2023

1. STATUTORY INFORMATION

Somax Clothing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company during the reporting period was that of distributors and retailers of specialized clothing.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

GOODWILL
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

INTANGIBLE ASSETS OTHER THAN GOODWILL
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs 33% straight line

Somax Clothing Limited (Registered number: 09614042)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 30 November 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings25% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

FOREIGN EXCHANGE
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

GOING CONCERN
At the balance sheet date, liabilities exceed assets by £57,198 (2022- £678). However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and shareholders.The director are therefore satisfied that the financial statements have been correctly prepared on the going concern basis.

Somax Clothing Limited (Registered number: 09614042)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 30 November 2023

2. ACCOUNTING POLICIES - continued

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

REPORTING PERIOD
The entity has extended the year end by 6 months to 30 November 2023 and therefore, the comparative amounts presented in the financial statements are not entirely comparable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Website
Goodwill development Totals
£    £    £   
COST
At 1 June 2022
and 30 November 2023 100,000 12,021 112,021
AMORTISATION
At 1 June 2022 70,000 12,021 82,021
Amortisation for period 10,000 - 10,000
At 30 November 2023 80,000 12,021 92,021
NET BOOK VALUE
At 30 November 2023 20,000 - 20,000
At 31 May 2022 30,000 - 30,000

Somax Clothing Limited (Registered number: 09614042)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 30 November 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 2,014 - 3,672 5,686
Additions 1,341 42,810 125 44,276
Disposals (125 ) (18,413 ) - (18,538 )
At 30 November 2023 3,230 24,397 3,797 31,424
DEPRECIATION
At 1 June 2022 1,393 - 2,766 4,159
Charge for period 361 2,372 410 3,143
Eliminated on disposal (95 ) - - (95 )
At 30 November 2023 1,659 2,372 3,176 7,207
NET BOOK VALUE
At 30 November 2023 1,571 22,025 621 24,217
At 31 May 2022 621 - 906 1,527

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,531 11,646
Other debtors 7,755 3,582
22,286 15,228

The director considers the carrying value of trade and other receivables approximate to their fair value.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,060 10,000
Hire purchase contracts 3,341 -
Trade creditors 16,180 14,213
Taxation and social security 9,978 18,437
Other creditors 23,900 27,848
65,459 70,498

The director considers the carrying amounts of current liabilities approximate to their fair values.

Somax Clothing Limited (Registered number: 09614042)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 30 November 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,000 30,000
Hire purchase contracts 16,703 -
Other creditors 100,000 100,000
131,703 130,000

The director considers the carrying amounts of long term liabilities approximate to their fair values.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 112

Deferred
tax
£   
Balance at 1 June 2022 112
Provided during period (112 )
Balance at 30 November 2023 -

10. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders.This is a distributable reserve.

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the following balances were owed to the director, L Deambrogio:

Other short term creditors £23,000 (2022 : £24,888)
Other long term creditors £100,000 (2022 : £100,000)